File #:
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Version:
1
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Name:
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An Ordinance Authorizing a First Amendment to the Redevelopment Agreement for the Hotel and Conference Center, Comprising a Part of the Butterfield-Yorktown TIF District of the Village of Lombard, Illinois (Staff is requesting a waiver of first reading)
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Type:
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Ordinance
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Status:
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Passed
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On agenda:
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Final action:
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9/3/2020
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Title:
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An Ordinance Authorizing a First Amendment to the Redevelopment Agreement for the Hotel and Conference Center, Comprising a Part of the Butterfield-Yorktown TIF District of the Village of Lombard, Illinois (Staff is requesting a waiver of first reading)
The Ordinance approves a First Amendment to the TIF Redevelopment Agreement, between the Village and the Lombard Public Facilities Corporation (LPFC), which provides for an up-front reimbursement of the LPFC, relative to the TIF eligible redevelopment project costs incurred by the LPFC, in the amount of $2,700,264.88, plus the ability of the LPFC to obtain further reimbursement for TIF eligible redevelopment project costs incurred by the LPFC in the event the TIF District generates more than $8,000,000.00 in TIF incremental revenues prior to September 30, 2025, in lieu of the issuance of a TIF Note, in the amount of $3,700,000.00, plus interest at 5.5%, and the issuance of a Debt Certificate in relation thereto, relative to the TIF eli...
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Title
An Ordinance Authorizing a First Amendment to the Redevelopment Agreement for the Hotel and Conference Center, Comprising a Part of the Butterfield-Yorktown TIF District of the Village of Lombard, Illinois (Staff is requesting a waiver of first reading)
The Ordinance approves a First Amendment to the TIF Redevelopment Agreement, between the Village and the Lombard Public Facilities Corporation (LPFC), which provides for an up-front reimbursement of the LPFC, relative to the TIF eligible redevelopment project costs incurred by the LPFC, in the amount of $2,700,264.88, plus the ability of the LPFC to obtain further reimbursement for TIF eligible redevelopment project costs incurred by the LPFC in the event the TIF District generates more than $8,000,000.00 in TIF incremental revenues prior to September 30, 2025, in lieu of the issuance of a TIF Note, in the amount of $3,700,000.00, plus interest at 5.5%, and the issuance of a Debt Certificate in relation thereto, relative to the TIF eligible redevelopment project costs incurred by the LPFC.
Body
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